[Japan Financial Services Agency Supports Stablecoin Initiative Launched by Major Banks in the Country] According to Cointelegraph, the Japan Financial Services Agency (FSA) has approved a yen-backed stablecoin project jointly issued by several of the country's largest financial institutions. In a statement released on Friday, the FSA announced the launch of the 'Payment Innovation Project' to address advancements in 'enhancing payment efficiency using blockchain technology.' The initiative involves Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation and its financial division, as well as Mitsubishi UFJ Bank's stablecoin issuance platform Progmat. Regulators noted that starting this month, these companies will begin issuing payment stablecoins. The project aims to improve user convenience, boost productivity for Japanese businesses, and transform the local financial landscape. Upon completion of the pilot program, the FSA plans to publish the results and conclusions.